10300. Bank of BLACK MOUNTAIN (BLACK MOUNTAIN, NC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
March 18, 1943
Location
BLACK MOUNTAIN, North Carolina (35.618, -82.321)

Metadata

Model
gpt-5-mini
Short Digest
d75fed66ba5a477d

Response Measures

None

Description

Articles report the Bank of Black Mountain (NC) closed/suspended on March 18, 1943 and was placed in receivership with FDIC payments to depositors. No mention of a depositor run; bank remained closed and in receivership.

Events (3)
1. March 18, 1943 Receivership
Newspaper Excerpt
Although only two banks have been placed in receivership since 1933 - one at Draper and the other at Black Mountain - Hood said ... and FDIC is expected to begin payments to depositors...the Bank of Black Mountain...which closed on March 18., 1943-04-01 article indicates receiver action following closure and FDIC involvement in payments to depositors.
Source
newspapers
2. March 18, 1943 Suspension
Cause
Government Action
Cause Details
Bank closed and federal/receiver action followed; FDIC to begin payments to depositors after suspension.
Newspaper Excerpt
the Bank of Black Mountain, Black Mountain, N. C., which closed on March 18.
Source
newspapers
3. February 28, 1944 Other
Newspaper Excerpt
Although only two banks have been placed in receivership since 1933 - one at Draper and the other at Black Mountain - Hood said it is his opinion that if the procedure of verifying all assets and liabilities had been followed, those two failures would have been prevented. (Wilmington Morning Star, Feb. 28, 1944). This references the earlier receivership/closing of the Bank of Black Mountain.
Source
newspapers

Newspaper Articles (2)
1. April 2, 1943 Henderson Daily Dispatch Henderson, NC
Article from Henderson Daily Dispatch, April 2, 1943

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Article Text

PAYMENT TO BE MADE TO BANK DEPOSITORS Washington, April 1 - Within a short time the Federal Deposit Insur ance Corporation is expected to begin payments to depositors of the Bank of Black Mountain, Black Mountain, N. C., which closed on March 18. The bank held total deposits of approximately $1,000,000 at the time of suspension and practically the en tire amount is estibate at being insured. The bank had about 3,000 depositors at the time of its suspension. This is the second closing of an insured bank in the state of Norte Carolina since the beginning of de posit insurance on January 1. 1934

2. February 29, 1944 The Wilmington Morning Star Wilmington, NC
Article from The Wilmington Morning Star, February 29, 1944

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Article Text

Depositors Of State Bankers To Be Asked To Verify Deposits RALEIGH, Feb. 28. -(P)- Depositors of state banks in North Carolina which are under examination will be asked in the future to verify individual deposits with their bank, State Banking Commissioner Gurney P. Hood said today. This method will be used to verify the assets and liabilities of each bank under examination, Hood said. Although only two banks have been placed in receivership since 1933-one at Draper and the other at Black Mountain-Hood said it is his opinion that if the procedure of verifying all assets and liabiInties had been followed, those two failures would have been prevented.